Setting Up Your Chart With Moving Averages On MT4 | The Best Forex EA Bot

Alan Solar, the passive income guru, in this video tutorial explains to you how to set up a chart with moving averages so that you can start reading a chart and know why currencies are fluctuating up and down and trade from an educated point of view rather than a, an emotional point of view.

Right? So what you need to do is that once you've opened your chart and you've set up your bot, you can see that we're not trading, everything's trading. And now we're going to add some moving averages to this chart. So I've dropped a file on your desktop and how you activate and load that template is. There's an icon over here that says templates. So you just click on it and drop down the menu and click on load template. So please pause the video, go and.

Click on load template. Now, once done, you can come back to this video and resume the video. Now, once you're on the screen, just click on desktop if you're not already there. And there may be two files there, any one will work. And you just click, double click it and then the.

Moving average template will now load your chart. So please pause the video and go do that step. Once done, you can come back to this video and resume the video. Now, as you can see, all the writing on this chart has disappeared. There's no smiley face on this on this chart. So you will need to reset up your robot so that your robot is still activated. Okay, so let's do that together. What you need to do is you just drag the robot over onto the graph and like that, wait for the new window to open. So please pause the video, go and do that step. Now drag the robot onto the chart. Once done, you can come back to this video and resume the video. So I'm gonna set my robot up according to my equity and then you'll do the same. Just check on the website, check what lot size and demarti you must use. Once done, you can click on. Ok, so please pause the video.

Go and do that step. Once done, you can come back to this video and resume the video. So as you can see now my moving averages are loaded and my bot has been restarted and everything seems to be in order. I haven't interfered with the bot at all. Now, when I reactivated the bot, a new currency wasn't bought. And how we do, how we know that is that you can just click on the time frame over here.

We'Re on the 15th of the 8th, and the last trade that was open was 11:30 and the time now is 11:39, so no new trade has been opened for that currency, which is great. Okay, so now that you've got your, your chart set up, I can now start explaining to you what these, what these moving averages are. So these moving averages, basically what a moving average is, it is a point on the graph depicted in a graphical format by the close out of the last x amount of candles. Okay, so this is a candle over here and each candle represents a time frame. Okay? So this is the open of this candle and this is the close of this candle. As you can see, it's gone down. And on a green candle it is. This is the open and the top is the close. Okay? The small little bodies at the bottom are called wicks. So.

That the wick represents the lowest part, the lowest that that currency was for that time frame. The top of the wick represents the highest price that, that, that the, that the currency achieved in that time frame. And the body is basically where it opened, where it closed for that time frame. Okay. Or on a, when the currency was going down, if the currency was going up, then that will be the open and that will be the close. So the bottom will be the open and the top will be the close. And for a, for a candle that's going, that's bearish, then the top will be the open and the bottom will be the close. Okay, now how moving average is plotted is I've got various different moving averages on here. Got a 5 moving average, I've got a 10 moving average, I've got an 8 exponential moving average, I've got 34 moving average, a 50, a 100 and a 200. And then the white lines are my Bollinger bands. So how a moving average is created is the MT4 program takes the closeout of the last x amount of candles. The, the average of the closeout of the last x amount of candles. So if we were doing a 10 moving average, we would take the average of the closeout price of the last 10 candles and then we'll plot a dot on the graph. Okay. The next time frame that appears will obviously when that time frame is finished, then.

The computer will then take the closeout of the loss 10 candles and then plot another dot on the, on the graph and then the A line will connect those dots, hence forming the moving average line. So this is a four hour charts. Each candle represents four hours. So when we talk about a 10, 10 moving average, it is the closeout of the last 10 four hour candles that were formed and a Dot is then formed on, on, on the, on the chart. Okay, Very, very simple to understand. We all did, you know, line charts and line graphs in maths in standard five and six. So we all understand how that works. Nothing complicated. Now the reason I've asked you to set up this chart is because on the frequently Asked questions section there are three videos explaining to you how to read a chart and, and what these moving averages mean and how to understand why the currency is either stalling and going sideways or trending in a downward, in a, in a downward motion or going bullish in an upward, in an upward direction. So go through the Frequently asked Questions after you've set up the charts and you can basically see exactly where, why the currency is doing what it's doing, you know. So the definition of insanity in the forex world is when you start watching the prices on your screen and you can see lots of red and you're in panic mode and you don't know why you, you know the currency has gone in that direction. So just to let you know that our robot trades against the trend.

So if the price is going up, the robot will be selling. If the price is going down, the robot will be buying. Right? So go ahead and set up your moving averages on the rest of your charts and make sure that after you've set up the template on the chart, you drag the robot onto that currency and make sure that your robot is activated on all currencies that you're trading. If your robot isn't activated on the currency, then obviously you won't be trading. So the next thing that you need to do is after setting up your robots is and loading the template is to go through the FAQ section on the website, namely the how to read a forex chart. There's three videos there with the moving averages. And then eventually there'll be a whole series of how to read the candlesticks in detail so that you can make educated decisions when you know, when, when we needed to, in case, you know, you need to do manual trading and if you do ever want to do manual trading. So I hope that you found this video to be interesting. If you did, please mouse over this video. In the top left hand corner of the video there's a YouTube icon. Click on the YouTube icon which will take you to my YouTube channel. Once on the YouTube channel, to scroll down below the video, there is a big red subscribe icon. Click on that icon. Then next to that icon there is a bell icon. Click on the bell icon, click on the thumbs up icon and leave a positive comment as well as your bitcoin wallet address in the comment section. Because I give away 0.005 of a Bitcoin every single Friday and you could be the lucky winner of that prize. So good luck for that and I'll see you on the next video.